President Charles Plosser offers his views on growth, unemployment, and inflation expectations. He also discusses why the Fed faces a communications challenge with the economy so close to the unemployment threshold of 6.5 percent. He then explains why he favors the Fed providing more information to indicate how monetary policy will evolve as economic conditions change. Read the speech.
President Charles I. Plosser discusses his views on the FOMC's forward guidance, which seeks to inform the public about the future path of monetary policy. He discusses why the FOMC should revamp its forward guidance as the unemployment rate nears the 6.5 percent rate threshold. Read the speech.
Articles examine a possible explanation for why few U.S. firms appear to export; how location decisions by firms, residents, and workers can involve complex interactions with unpredictable consequences; how mortgage lending practices can intensify housing booms; and recent research on consumer credit and payments. Download the entire issue.
Manufacturing activity was reduced in February, according to firms responding to the latest Business Outlook Survey. The general activity index decreased to -6.3 this month from 9.4 in January. In the comments, participants suggested that much of the weakness was attributable to severe winter weather. Read the report. Watch the press conference.
Service providers to low- and moderate-income (LMI) households in the Third Federal Reserve District report the lowest job availability in more than two years, according to the Fourth Quarter 2013 Community Outlook Survey. At the same time, respondents reported that they were better able to meet the needs of their clients despite continued high demand for their services. Read the survey.
The Bank's Community Development Studies and Education Department announces the release of Revitalizing American Cities , published by the University of Pennsylvania Press. The book is based on research that was presented at the 2012 Reinventing Older Communities: Building Resilient Cities conference.
The "Fed at 100" video commemorates the 100-year anniversary of the signing of the Federal Reserve Act of 1913. Watch employees, business and community leaders, and scholars share their unique perspectives about the history, mission, and future of the nation's central bank. Watch the video.
Registration is now open for Reinventing Older Communities: Bridging Growth and Opportunity, a national conference that will be held Monday, May 12, to Wednesday, May 14, 2014, at the Loews Philadelphia Hotel. The conference will explore how communities can grow and strengthen their economies by creating opportunities for all residents. Register for the conference. Read the press release.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware. Learn more about us.
A monthly survey of manufacturers in the Third Federal Reserve District.
Predict the six-month growth rate of the state's coincident index.
Combine four state-level indicators to summarize current economic conditions in a single statistic.
Designed to track real macroeconomic activity at high frequency. Last updated on March 6, 2014.